Last week, Bitcoin witnessed a significant miner capitulation as outflows reached 19,000 $BTC on August 5, marking the highest level since March.
This mass selling likely occurred as miners faced shrinking profit margins, which dropped to 25%, the lowest since January. With their margins under pressure, many miners were forced to liquidate their holdings.
We may have seen a miner capitulation last week as Bitcoin outflows hit 19K $BTC on Aug 5, the highest since March.
Miners likely sold as their profit margins were squeezed to 25%, the lowest since January. pic.twitter.com/28j49kA7Te
— CryptoQuant.com (@cryptoquant_com) August 16, 2024
In a remarkable historical note, 16 years ago today, Satoshi Nakamoto registered the first Bitcoin website, Bitcoin.org. Since then, the site has hosted the original Bitcoin code, symbolizing financial freedom for millions around the world.
✨ 16 years ago today, Satoshi Nakamoto registered the 1st #Bitcoin website
Ever since, https://t.co/DWp1uhgRRS has hosted his free code, a beacon of financial freedom to millions around the globe 🌟 pic.twitter.com/WABxpXhzcH
— The Bitcoin Historian (@pete_rizzo_) August 17, 2024
On the technical front, Bitcoin is currently forming a massive cup and handle pattern, according to an analysis by Crypto Rover on X (formerly Twitter).
This classic bullish pattern suggests that Bitcoin could be poised for a significant breakout, with a potential price target of $110,000. If this pattern plays out, it could signal a major rally in the coming months.
#Bitcoin is creating a HUGE cup & handle pattern!
The price target for this breakout is $110k 🚀 pic.twitter.com/RKy1gQdSik
— Crypto Rover (@rovercrc) August 17, 2024
Global Money Supply Hits All Time High As Bitcoin Spot ETFs Recorded Net Inflow Of $36 Million
Adding to the bullish sentiment, the global money supply has hit a new all-time high, a development that bodes well for Bitcoin. As central banks continue to print money, Bitcoin’s fixed supply makes it an increasingly attractive long-term investment. The ongoing expansion of the money supply only strengthens the case for holding $BTC as a hedge against inflation.
The Global money supply just hit a new ATH.
This is bullish for #Bitcoin.
The printer will never stop, and that is why $BTC is a good long term investment. pic.twitter.com/6OQCAk38iH
— Crypto Rover (@rovercrc) August 17, 2024
In terms of institutional interest, the total net inflow of Bitcoin spot ETFs on August 16 was $36.015 million. Notably, Grayscale’s GBTC saw an outflow of $72.9033 million, while Fidelity’s FBTC had an inflow of $61.3469 million. BlackRock’s IBIT ETF also saw a positive inflow of $20.3854 million. These inflows suggest that institutional investors remain bullish on Bitcoin’s long-term prospects, even as market conditions fluctuate.
On August 16, the total net inflow of Bitcoin spot ETFs was $36.015 million. Grayscale ETF GBTC outflow was $72.9033 million, Fidelity ETF FBTC inflow was $61.3469 million, and BlackRock ETF IBIT inflow was $20.3854 million. https://t.co/59u0BnEqLG
— Wu Blockchain (@WuBlockchain) August 17, 2024
With these developments, Bitcoin continues to show resilience and potential for significant future gains.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Image Source: Photo by Traxer on Unsplash  // Image Effects by Colorcinch
